What Is the Arqit Quantum Inc. (ARQQ) f/k/a Centricus Acquisition Corp. Class Action Lawsuit About?
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Arqit Quantum, Inc. (f/k/a Centricus Acquisition Corp.) (“Arqit” or the “Company”) (NASDAQ: ARQQ). Investors who purchased Arqit securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Arqit has violated federal securities laws.
On May 12, 2021, Arqit Limited and Centricus Acquisition Corp. (“Centricus”) issued a press release announcing that they had “entered into a definitive agreement that would result in Arqit becoming a publicly listed company” and that “[u]pon closing of the transaction, a newly formed Cayman holding company, Arqit Quantum Inc., will merge with Centricus, acquire Arqit [Limited] and register its shares for listing on the Nasdaq Stock Market.” A complaint has been filed alleging that the F-4 Registration Statement and Prospectus for the September 1, 2021 offering of Arqit securities (the “Registration Statement”) in connection with the merger between Arqit Limited and Centricus contained untrue statements of materially fact and omissions of material fact. The statements specifically misrepresented and failed to disclose that: (1) Arqit’s proposed encryption technology would require widespread adoption of new protocols and standards for telecommunications which had not yet been adopted; (2) British cybersecurity officials questioned the viability of Arqit’s proposed encryption technology in a meeting in 2020; (3) the British government was not an Arqit customer but, rather, providing grants to Arqit; (4) Arqit had little more than an early-stage prototype of its encryption system at the time of the Merger; (5) no commercial customer was using Arqit’s encryption system with live data; (6) the bulk of the Company’s committed revenue wasn’t from selling its products; and (7) several clients the Company listed—including a number of British government agencies—were simply giving Arqit research grants, nonbinding memorandums of understanding or research agreements that come with no funding, not contracts for its encryption product.
If you are aware of any facts relating to this investigation or purchased Arqit shares, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
How Did Arqit Quantum Inc. (ARQQ) f/k/a Centricus Acquisition Corp. Stock React to the Disclosures?
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We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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